Jordan A. Thomas speaks to the Ontario Securities Commission (OSC) at event discussing potential Canadian whistleblower program
Jordan A. Thomas, Chair of the Firm’s Whistleblower Representation Practice and a former SEC official who now works in private practice representing clients who are SEC whistleblowers, warned the OSC that its CAD$1.5-million maximum payout is too low to entice high-paid business people to risk their careers by exposing wrongdoing.
He said the OSC is also proposing to pay tipsters as much as 15 percent of the penalties imposed, but has cited no minimum payout level, so it is unclear how its discretion would be used and whether some people could get far less than 15 percent. The discretion is too uncertain for many senior people to take the risk, Mr. Thomas said.
"Adding one more type of uncertainty into your process means you're going to lose a lot of these types of people," he said.